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Central Bank says firms need to be mindful of risks to consumers during Covid crisis

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The Central Bank is to begin a review of the use of telematics technology in the insurance industry and assess how the ongoing suitability of long-term life-assurance products is monitored.

The plans are among the regulator's main priorities for this year set out in a new report. The report also claims that the absence of a consumer-focused culture in some organisations poses a key risk of potential harm to consumers and investors in financial services.

The Consumer Protection Outlook Report for 2021 also identifies the Covid-19 pandemic as another potential source of difficulty, along with ineffective disclosure about products and services.

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